Morgan Stanley buys several global retail properties for $873m
In two separate deals, Morgan Stanley has purchased retail properties in the United States and Europe for a total of $873 million.
A partnership between Morgan Stanley Real Estate and affiliates of Miami Beach, Fla.–based Terranova Corp. has purchased six retail buildings located on Lincoln Road and Lincoln Lane in Miami. The Lincoln Portfolio sold for $342 million. The sellers were Terranova and Acadia Realty Trust, which purchased the two parcels in February 2011 and December 2012 for $191 million.
Terranova is set to be the managing member of the new ownership entity and will continue managing, leasing and developing the portfolio. Two of the parcels have Historic Preservation Board approval to expand, and a three-story building is proposed on Lincoln Lane.